South Carolina Statutes
§ 33-49-1070 — Power of board of trustees to wind up affairs.
The board of trustees shall have full power to wind up and settle the affairs of the cooperative and shall proceed to collect the debts owing to the cooperative, convey and dispose of its property and assets, pay, satisfy and discharge its debts, obligations and liabilities and do all other things required to liquidate its business and affairs and, after paying or adequately providing for the payment of all its debts, obligations and liabilities, shall distribute the remainder of its property and assets among its members in proportion to the aggregate patronage of each such member during the seven years next preceding the date of such filing of the certificate or, if the cooperative shall not have been in existence for such period, during the period of its existence.
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South Carolina § 33-49-1070 (Power of board of trustees to wind up affairs.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 12-1062; 1952 Code SECTION 12-1062; 1942 Code SECTION 8555-108; 1939 (41) 240.
Nearby Sections
15
§ 33-49-10
Short title.§ 33-49-100
Fees.§ 33-49-1010
Dissolution before commencing business.§ 33-49-1020
Dissolution after commencing business.§ 33-49-1030
Action of board and members.§ 33-49-1040
Certificate of dissolution and affidavit.§ 33-49-1060
Notice of winding up.§ 33-49-1070
Power of board of trustees to wind up affairs.§ 33-49-1080
Articles of dissolution.§ 33-49-110
All papers shall be filed in quadruplicate.§ 33-49-1220
Articles of conversion.§ 33-49-1230
Approval at membership meeting.